Exim Routes, a company that facilitates the exchange of recyclable paper products, has made a decent market debut, listing at Rs 110 per share on the NSE Emerge platform. This marks a premium of 25 percent over the SME IPO price of Rs 88 per share, but has missed grey market estimates.
The company debuted with a market capitalization of more than Rs 208 crore, which is a significant milestone for the company. However, the listing performance has fallen short of expectations, with unlisted shares trading at over 36 percent grey market premium ahead of the listing.
Exim Routes provides end-to-end services to Indian paper mills, including sourcing, procurement, quality assurance, and logistics of waste paper. The company's IPO, which was launched earlier this month, aims to raise Rs 43.73 crore at a price band of Rs 83-88 per share.
The IPO was subscribed over 14 times between December 12-16, with retail investors bidding for a minimum of 3,200 shares. The IPO proceeds will be used for development and maintenance of the ERIS platform, working capital, investment in office space, and general corporate purposes.
Remember, this is just a perspective on the market debut, and not a prediction of future performance. It's essential to do your own research and consider multiple factors before making any investment decisions.
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